DSM reports strong Q2 results with solid growth
(Thomson Reuters ONE) -
· Q2 EBITDA from continuing operations ?339 million, above both Q2 2010
and Q1 2011
· Strong Life Sciences results driven by robust growth in Nutrition
· Very solid results in Materials Sciences due to pricing strength and
volume growth
· Martek integration on track; excellent Q2 EBITDA performance
· EPS more than doubled, reflecting strong operating results, lower tax
rate and one-off gains
· Interim dividend of ?0.45 (+12.5%) representing one third of total
dividend for 2010
· 2011 is expected to be a strong year; good progress towards achieving
the 2013 targets
Commenting on the results, Feike Sijbesma, CEO/Chairman of the DSM Managing
Board, said:
"This has been another strong quarter for DSM with continued progress compared
to the first quarter and the same period last year reflecting the strength of
our businesses. These results include a positive contribution from Martek but
also the negative impact of currency effects and higher raw material and energy
costs.
"Whilst general economic forecasts for the year continue to be positive, there
are increased uncertainties related to the global economy. However, we believe
we are well positioned with our balanced, relatively resilient portfolio in
health, nutrition and materials, and with our broad geographic footprint, strong
technology and leading market positions. This, in combination with our focus on
customers and innovation and our ongoing efficiency improvements, gives us
confidence that 2011 will be a strong year for DSM with good progress towards
achieving the 2013 targets."
--------------------------------------------------------------------------------
second quarter in ? million first half
2011 2010 +/- 2011 2010 +/-
--------------------------------------------------------------------------------
Continuing operations:
2,265 2,120 7% Net sales 4,499 4,053 11%
Operating profit before depreciation and
339 333* 2%** amortization (EBITDA)
664 617* 8%**
193 188 - Nutrition 366 354
12 14 - Pharma 12 28
82 84 - Performance Materials 173 155
93 60 - Polymer Intermediates 192 110
-13 -13 - Innovation Center -26 -26
-28 0* - Corporate activities -53 -4*
* of which ?9 million (first half ?17 million) IFRS pension
adjustment
** 5% (first half 11%) if IFRS pension adjustment is excluded
238 231* 3% Operating profit (EBIT) 469 413* 14%
--------------------------------------------------------------------------------
Discontinued operations:
34 286 Net sales 145 583
Operating profit before depreciation and
amortization (EBITDA)
6 28 29 79
6 21 Operating profit (EBIT) 29 57
--------------------------------------------------------------------------------
Total DSM:
2,299 2,406 -4% Net sales 4,644 4,636 0%
Operating profit before depreciation and
345 -4% amortization (EBITDA)
361 693 696 0%
166 158 5% Net profit before exceptional items 338 302 12%
226 -9 Net result from exceptional items 220 -23
392 149 163% Net profit 558 279 100%
--------------------------------------------------------------------------------
Net earnings per ordinary share in ?:
0.97 0.88 10% - before exceptional items, continuing 1.88 1.58 19%
operations
2.35 0.90 161% - including exceptional items, total DSM 3.33 1.68 98%
--------------------------------------------------------------------------------
In this report:
· 'operating profit' (before depreciation and amortization) is
understood to be operating profit (before depreciation and amortization) before
exceptional items;
· 'net profit' is the net profit attributable to equity holders of
Royal DSM N.V.;
· 'continuing operations' refers to the DSM operations excluding DSM
Agro, DSM Melamine, DSM Special Products B.V.,
S.A. Citrique Belge N.V and DSM Elastomers;
· 'discontinued operations' comprise net sales and operating profit
(before depreciation and amortization) of DSM Agro and
DSM Melamine up to and including Q2 2010, S.A. Citrique Belge N.V. up to and
including Q3 2010, DSM Special Products B.V. up to and including Q4 2010 and DSM
Elastomers up to and including Q2 2011.
Overview second quarter 2011
The monetary and financial instability, caused by continued global sovereign
debt challenges worsened in Q2. This was, amongst other factors, reflected in
very volatile currency exchange rates. On average, over the quarter the US
dollar decreased by 13% and the Swiss franc increased by 11% against the Euro
compared to Q2 2010. Inflationary pressure, especially in food, raw materials
and energy remained high.
However, this instability did not affect DSM's markets. Trading conditions
remained in line with the positive Q1 environment, as a result of strong growth
in high growth economies and moderate, but continuing, growth in Western Europe
and North America. The Japanese economy was still weak, following the natural
disasters in Q1.
Within this macro-economic context the majority of DSM's businesses continued to
offset increased input cost with pricing strength. The increasingly strong Swiss
franc, however, negatively affected the cost base of the Nutrition business. The
US dollar had a negative impact for all of DSM.
Nutrition posted its best quarter ever. It continued to deliver solid volume
growth. Currencies had a negative impact of around ?20-25 million on the
operating result compared to Q2 2010. Martek, acquired in Q1, delivered an
excellent performance.
Pharma sales and results improved compared to Q1, but DSM is conscious that
overall performance of the cluster remains below acceptable levels.
In Performance Materials unit margins in DSM Engineering Plastics and DSM Resins
continued to improve. However, DSM Dyneema was affected by lower sales to the
tender driven vehicle protection business. As a consequence the cluster result
was somewhat lower than in Q2 last year.
Polymer Intermediates continued to show an excellent performance. Despite a
planned maintenance shutdown for the acrylonitrile plant, results were close to
Q1 and substantially above last year's.
Total EBITDA (continuing operations) grew by 2% and on comparable basis by 5%
versus last year's Q2. Compared to previous quarter EBITDA increased by 4%.
In Q2 DSM realized one-off profits due to the sale of its shares in Danisco
(?140 million before tax) and the divestment of DSM Elastomers (?110 million
before tax). These profits are reported as exceptional items. In addition the
lower effective tax rate (21% versus 25% in 2010) and a strong operating result
contributed to a more than 160% increase of net profit and earnings per share.
Net debt decreased by ?372 million during the quarter to ?278 million. The main
positive contributors were the operating profit and proceeds from disposals,
which were partly compensated for by an increase in working capital (from 19.7%
in Q1 2011 to 21.0% of sales in Q2 2011), capital expenditure, acquisitions, the
share repurchase program and the payment of the final dividend.
Net sales
--------------------------------------------------------------------------------
in ? million second quarter
2011 2010 differ-ence organic growth exch. rates other
--------------------------------------------------------------------------------
Nutrition 839 764 10% 5% -3% 8%
Pharma 178 195 -9% -5% -4%
Performance Materials 709 644 10% 13% -4% 1%
Polymer Intermediates 423 362 17% 24% -7%
Innovation Center 14 9
Corporate activities 102 146
-------------
Total (continuing 2,265 2,120 7% 10% -4% 1%*
operations)
Discontinued operations 34 286
-------------
Total 2,299 2,406
--------------------------------------------------------------------------------
* Including the effect of the deconsolidation of DSM's interest in Utility
Support Group B.V. and EdeA v.o.f., which was reported in Corporate activities
in 2010.
Organic sales growth was 10%, well above target. This is the sixth consecutive
quarter with double digit organic growth. Volume growth was 4% and price
increases 6%. Currencies (mainly the US dollar and the Chinese yuan) had a
negative effect of 4%.
Nutrition continued to realize strong volume growth, both compared to prior year
and Q1. The decreasing price trend was halted during the first half year. Martek
added ?84 million to the Nutrition sales, which was partly offset by the shift
of DSM Food Specialties' ARA sales to Martek from external sales to internal
supplies.
Although Pharma sales improved compared to Q1, they are still below last year's
level.
Performance Materials continued to post double digit organic growth, mainly due
to pricing strength. Volume growth was modest, due to lower sales by DSM Dyneema
to the vehicle protection business.
Polymer Intermediates organic sales growth was an excellent 24%, mainly due to
price increases.
Business review by cluster
Nutrition
-----------------+---------------+---------------
second quarter | in ? million | first half
--------+--------+---------------+-------+-------
2011 | 2010 | | 2011 | 2010
--------+--------+---------------+-------+-------
839 | 764 | Net sales | 1,637 | 1,496
--------+--------+---------------+-------+-------
193 | 188 | EBITDA | 366 | 354
--------+--------+---------------+-------+-------
154 | 153 | EBIT | 294 | 286
--------+--------+---------------+-------+-------
23.0% | 24.6% | EBITDA margin | 22.4% | 23.7%
--------+--------+---------------+-------+-------
Sales including Martek increased by 10% over the same period last year. Organic
sales growth was 5% and currencies had an impact of -3%. Organic sales growth
was 3% over Q1 2011. There was particularly good volume growth in Animal
Nutrition & Health and DSM Food Specialties. Overall prices were lower compared
to Q2 last year and in line with Q1 2011.
The performance of the cluster remained strong and EBITDA was above Q2 last
year. EBITDA excluding Martek was lower than the exceptionally strong results of
last year, mainly due to the negative impact of the Swiss franc and US dollar
which was approximately ?20-25 million for DSM Nutritional Products, net of
hedging results. Despite higher raw material and energy costs and unfavorable
currency developments, EBITDA (excluding Martek) in Q2 2011 improved compared to
Q1 2011, due to volume increases with stable prices. To mitigate the effect of
currencies and higher input costs, price increases and cost optimization
measures are being implemented.
Martek delivered an excellent performance with sales of ?84 million and EBITDA
of ?28 million.
Pharma
-----------------+---------------+-------------
second quarter | in ? million | first half
-------+---------+---------------+------+------
2011 | 2010 | | 2011 | 2010
-------+---------+---------------+------+------
178 | 195 | Net sales | 341 | 381
-------+---------+---------------+------+------
12 | 14 | EBITDA | 12 | 28
-------+---------+---------------+------+------
0 | -1 | EBIT | -10 | -1
-------+---------+---------------+------+------
6.7% | 7.2% | EBITDA margin | 3.5% | 7.3%
-------+---------+---------------+------+------
In Q2, 2011 sales were mainly lower because of the weaker US dollar and lower
volumes at DSM Pharmaceutical Products.
Although EBITDA was below the 2010 level, it improved compared to Q1 2011 due to
margin improvements in DSM Anti-Infectives and volume improvements in DSM
Pharmaceutical Products. However, the performance is still well below acceptable
level.
Performance Materials
-----------------+---------------+---------------
second quarter | in ? million | first half
--------+--------+---------------+-------+-------
2011 | 2010 | | 2011 | 2010
--------+--------+---------------+-------+-------
709 | 644 | Net sales | 1,414 | 1,201
--------+--------+---------------+-------+-------
82 | 84 | EBITDA | 173 | 155
--------+--------+---------------+-------+-------
53 | 54 | EBIT | 115 | 93
--------+--------+---------------+-------+-------
11.6% | 13.0% | EBITDA margin | 12.2% | 12.9%
--------+--------+---------------+-------+-------
Organic sales growth was 13% in Q2, mainly reflecting price increases to restore
unit margins. Volume growth was subdued, especially because of lower sales to
the tender driven vehicle protection business at DSM Dyneema and weak Japanese
demand, following the natural disasters in March.
The lower EBITDA compared to last year is fully attributable to DSM Dyneema.
Both DSM Engineering Plastics and DSM Resins continue to improve pricing to
compensate for the higher raw material prices.
Polymer Intermediates
-----------------+---------------+---------------
second quarter | in ? million | first half
--------+--------+---------------+-------+-------
2011 | 2010 | | 2011 | 2010
--------+--------+---------------+-------+-------
423 | 362 | Net sales | 880 | 676
--------+--------+---------------+-------+-------
93 | 60 | EBITDA | 192 | 110
--------+--------+---------------+-------+-------
86 | 52 | EBIT | 176 | 94
--------+--------+---------------+-------+-------
22.0% | 16.6% | EBITDA margin | 21.8% | 16.3%
--------+--------+---------------+-------+-------
Ongoing tight supply and strong demand resulted in organic sales growth in Q2 of
24% compared to Q2 2010, mainly due to price increases.
Margins showed a substantial increase compared to Q2 2010 which was reflected in
a considerably higher EBITDA despite the planned maintenance shutdown in the
acrylonitrile business.
Innovation Center
-----------------+--------------+-------------
second quarter | in ? million | first half
-------+---------+--------------+------+------
2011 | 2010 | | 2011 | 2010
-------+---------+--------------+------+------
14 | 9 | Net sales | 28 | 18
-------+---------+--------------+------+------
-13 | -13 | EBITDA | -26 | -26
-------+---------+--------------+------+------
-16 | -15 | EBIT | -32 | -31
-------+---------+--------------+------+------
Second quarter sales developed well and were above last year, generating
additional gross margin which was offset by higher spending on innovation
opportunities.
This quarter DSM and Roquette announced that they will build a commercial scale
plant for the production of bio-based succinic acid in Cassano, Italy. The plant
will be Europe's largest bio-based succinic acid facility. On July 28 DSM
completed the acquisition of C5 Yeast Company B.V. from Royal Cosun, through
which it will further increase its leadership position in the field of second
generation biofuels. Recent tests have shown that the yield of DSM's advanced
yeast technology for second generation biofuels on cellulose derived C5/C6
sugars to ethanol meets conversion performance criteria for commercialization by
its customers.
Corporate activities
-----------------+------------------------------------+-------------
second quarter | in ? million | first half
-------+---------+------------------------------------+------+------
2011 | 2010 | | 2011 | 2010
-------+---------+------------------------------------+------+------
102 | 146 | Net sales | 199 | 281
-------+---------+------------------------------------+------+------
-28 | 0 | EBITDA* | -53 | -4
-------+---------+------------------------------------+------+------
-39 | -12 | EBIT* | -74 | -28
-------+---------+------------------------------------+------+------
| | * of which IFRS pension adjustment | |
| | | |
| 9 | | | 17
-------+---------+------------------------------------+------+------
The lower sales in Q2 2011 compared to Q2 2010 were due to the deconsolidation
of the Utility Support Group.
The lower EBITDA compared to Q2 2010 was due to the changes in the Dutch pension
plan, higher share based payment costs following the increase of the share
price, additional project expenses related to the implementation of the
announced strategy, a lower result in the businesses included in Corporate
activities and higher costs in service organizations.
Exceptional items
In Q2 2011 total exceptional items amounted to ?242 million (?226 million after
tax), comprising the book profits before tax on the sale of the Danisco shares
(?140 million) and on the divestment of DSM Elastomers (?110 million). In
relation to the acquisition of Martek an amount of -?8 million was reported as
an exceptional item due to the revaluation of inventories to fair value.
Net profit
Net profit increased from ?149 million in Q2 2010 to ?392 million in Q2 2011,
which was mainly due to the book profits resulting from the divestment of DSM
Elastomers and the sale of the Danisco shares as well as a lower tax rate and
the strong operating result.
Net finance costs amounted to ?18 million in Q2 2011 compared to ?29 million in
Q2 2010, mainly as a result of favorable hedge results and lower interest costs.
The effective tax rate decreased to 21% (Q2 2010 25%) as a result of a different
geographic spread of results and the application of preferential tax regimes.
The decrease was negatively impacted by the very strong results in Polymer
Intermediates, which were partly realized in high tax jurisdictions.
Net earnings per ordinary share (including exceptional items, total DSM)
increased by 161% to a level of ?2.35 per ordinary share in Q2 2011 (Q2 2010:
?0.90).
Cash flow, capital expenditure and financing
Cash provided by operating activities amounted to ?156 million in the first half
of 2011 (?133 million in Q2 2011).
Operating working capital increased to 21.0% of sales, mainly due to seasonal
factors and the acquisition of Martek (which requires, because of its business
model, a relatively high level of operating working capital). Compared to Q2
2010, excluding the Martek effect, operating working capital was 0.5% lower.
Cash flow related to capital expenditure amounted to -?160 million in the first
half of 2011 (Q2 2011:
-?88 million) compared to -?188 million in H1 2010 (Q2 2010: -?90 million). The
cash flow related to acquisitions amounted to -?800 million in the first half of
2011 (Q2 2011: -?69 million) compared to
-?35 million in the first half of 2010.
Net debt increased from -?108 million at the end of 2010 to ?278 million at the
end of Q2. This was mainly due to the Martek acquisition. During Q2 net debt
decreased by ?372 million.
Interim dividend
DSM's dividend policy is to provide a stable and preferably rising dividend. It
has been decided to pay an interim dividend of ?0.45 (+12.5%) per ordinary share
for the year 2011. As usual, this represents one third of the total dividend
paid for the previous year. The interim dividend is no indication of the total
dividend for 2011. The dividend will be payable in cash or in the form of
ordinary shares, at the option of the shareholder. Dividend in cash will be paid
after deduction of 15% Dutch dividend withholding tax. The ex-dividend date is 3
August 2011. The interim dividend will be payable as from 26 August 2011.
Workforce
Compared to year-end 2010 the workforce increased by 580 to 22,491 at the end of
Q2 2011. This change was due to the acquisition of Martek, the divestment of DSM
Elastomers and additional hiring.
Progress strategy: DSM in motion: driving focused growth
DSM in motion: driving focused growth marks the shift from an era of intensive
portfolio transformation to a strategy for the coming years of maximizing
sustainable and profitable growth of 'the new DSM'. The current businesses
compose the new core of DSM in Life Sciences and Materials Sciences.
DSM's focus on Life Sciences (Nutrition and Pharma) and Materials Sciences
(Performance Materials and Polymer Intermediates) is fueled by three societal
trends: Global Shifts, Climate and Energy and Health and Wellness. DSM aims to
meet the unmet needs resulting from these societal trends with innovative and
sustainable solutions.
It is DSM's ambition to fully leverage the unique opportunities in Life Sciences
and Materials Sciences, using four growth drivers (High Growth Economies,
Innovation, Sustainability and Acquisitions & Partnerships) and bringing all
four drivers to the next level.
DSM has set itself ambitious targets for the next strategy period. With its
transformation completed, DSM can now focus on and accelerate growth. Below is
an update on DSM's achievements and progress with regard to each of the four
growth drivers.
High Growth Economies: from reaching out to being truly global
DSM is reporting sales on a regional level (see table on page 18 of this
report). Net sales in China (continuing operations, in USD) increased by 38%
from USD 355 million in Q2 2010 to USD 489 million in Q2 2011. In India, DSM
recorded a sales increase in Q2 2011 (in Euro) of 12%.
In Q2 2011, DSM and the Russian company KuibyshevAzot OJSC commenced their
strategic cooperation and joint ventures in the field of Engineering Plastics
and Fibre Intermediates. Furthermore, DSM opened the first feed-premix plant in
Russia in a joint venture with Tatenergo JSC (Republic of Tatarstan).
Innovation: from building the machine to doubling innovation output
DSM opened a state-of-the-art Nutrition Innovation Center in Parsippany, New
Jersey (United States). Furthermore, DSM's nutrition business has developed a
novel way of sugar fortification with vitamin A. This opens a significant
additional route to improving the population's micronutrient intake through
staple food, next to rice, flour or milk.
Sustainability: from responsibility to a business driver
DSM is on track with its 2011-2015 sustainability aspirations. In the first half
year of 2011, 87% of DSM's innovation pipeline were ECO+ solutions (compared to
an aspiration of over 80% for 2011-2015). As a percentage of running business,
ECO+ solutions were estimated at almost 40% for the first half year of 2011
compared to an aspired growth from about 34% towards an estimated 50% for the
period 2011-2015.
An example of an ECO+ solution is EcoPaXX(TM), a 70% bio-based high-performance
engineering plastic. In Q2 a German automotive producer selected this material
for the engine cover for one of its flagship models.
Also energy efficiency is well on target: 1.8% improvement in the first half
year of 2011 compared to 2010. The aspiration calls for a 20% improvement in
2020 compared to 2008.
DSM also developed a VOC free powder in mould coating for use as finish in
automotive applications with a much better eco-footprint compared to traditional
solvent-based methods.
Acquisitions & Partnerships: from portfolio transformation to driving focused
growth
The integration of Martek, acquired in the first quarter of 2011, is fully on
track. The innovation and growth potential of the company is substantial.
DSM announced the acquisition of Vitatene S.A.U. (Spain), a producer of natural
carotenoids. This acquisition, which has meanwhile been closed, allows DSM to
strengthen the natural carotenoids offerings of its nutrition business as
consumer demand for natural products continues to grow.
DSM announced that it will acquire the premix unit of Fatrom, the leading premix
manufacturer in Romania.
DSM and Yixing QianCheng Bio-Engineering Co Ltd (China) have closed a joint
venture agreement for the enzyme activities of QianCheng, creating a new company
DSM (Jiangsu) Biotechnology Co. Ltd. DSM holds 85% of the shares in the new
company.
Outlook
Whilst general economic forecasts for the year continue to be positive, there
are increased uncertainties related to the global economy caused by sovereign
debt challenges, increased inflation and volatile currencies. However, DSM
believes that it is well-positioned with its balanced, relatively resilient
portfolio in health, nutrition and materials, its broad geographic footprint and
strong technology and leading market positions to make further progress.
DSM, in line with the industry, experienced higher raw material and energy costs
during the first half of the year, although this increase is expected to ease
during the second half of the year. DSM expects to remain successful in passing
on these cost increases due to its strong market positions.
Currencies have also been a negative factor in the second quarter. The strong
Swiss franc and the weakening US dollar will continue to impact results going
forward.
However, at this stage, no major changes are anticipated to the overall business
assumptions for the full year.
The Nutrition cluster is expected to maintain its positive momentum, with good
volumes, price increases and further cost efficiencies helping to partially
offset the adverse impact of the strong Swiss franc and weak US dollar. The
cluster is relatively unaffected by changes in the global economy. EBITDA
including Martek is likely to be clearly above last year.
The Pharma cluster continues to be impacted by challenging business conditions
and results are expected to be lower than in 2010.
Performance Materials is expecting continued growth in end-user demand. Overall
sales volumes for H2 2011 are expected to be lower than in H1 2011 due to normal
seasonal trading patterns. In the second half of the year pricing initiatives
will continue to take effect and input cost pressures are expected to ease. Full
year results are expected to be clearly above last year.
Polymer Intermediates' full year results are expected to be excellent, although
DSM sees some potential margin decline.
Taking into consideration all of the above, together with DSM's continued focus
on customers, innovation and ongoing efficiency improvements, 2011 is expected
to be a strong year for DSM. Therefore DSM believes that good progress is being
made towards achieving the EBITDA target of ?1.4 to 1.6 billion in 2013, in
conjunction with a ROCE of more than 15%.
Additional information
Today DSM will hold a conference call for the media from 08.00 AM to 08.45 AM
CET and a conference call for investors and analysts from 09.00 AM to 10.00 AM
CET. Details on how to access these calls can be found on the DSM website,
www.dsm.com. Also, information regarding DSM's first half year result 2011 can
be found in the Presentation to Investors, which can be downloaded from the
Investors section of the DSM website.
Statement of the Managing Board
The half-yearly financial statements give a true and fair view of the assets,
liabilities, financial position and profit or loss of DSM and its consolidated
companies; and the half-yearly report gives a true and fair view of DSM's
position as at the balance sheet date, the development during the period of DSM
and its group companies included in the half-yearly financial statements,
together with the expected developments.
Heerlen, 2 August 2011
The Managing Board
Feike Sijbesma, Chairman/CEO
Rolf-Dieter Schwalb, CFO
Stefan Doboczky
Nico Gerardu
Stephan Tanda
Important dates
Ex interim dividend quotation Wednesday, 3 August 2011
Record date Friday, 5 August 2011
Interim dividend payable Friday, 26
August 2011
Report for the third quarter 2011 Tuesday, 1
November 2011
Annual Report 2011 Wednesday, 29 February
2012
Report for the first quarter 2012 Tuesday, 8
May 2012
Annual General Meeting of Shareholders Friday, 11 May
2012
DSM - Bright Science. Brighter Living.(TM)
Royal DSM N.V. is a global science-based company active in health, nutrition and
materials. By connecting its unique competences in Life Sciences and Materials
Sciences DSM is driving economic prosperity, environmental progress and social
advances to create sustainable value for all stakeholders. DSM delivers
innovative solutions that nourish, protect and improve performance in global
markets such as food and dietary supplements, personal care, feed,
pharmaceuticals, medical devices, automotive, paints, electrical and
electronics, life protection, alternative energy and bio-based materials. DSM's
22,000 employees deliver annual net sales of about ?9 billion. The company is
listed on NYSE Euronext. More information can be found at www.dsm.com.
For more information
Media
DSM, Corporate Communications
tel.: +31 (45) 5782421
e-mail: media.relations(at)dsm.com
Investors
DSM, Investor Relations
tel.: +31 (45) 5782864
e-mail: investor.relations(at)dsm.com
www.dsm.com
Press release-pdf:
http://hugin.info/130663/R/1535460/468241.pdf
Attachement Press release:
http://hugin.info/130663/R/1535460/468242.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: DSM N.V. via Thomson Reuters ONE
[HUG#1535460]
Unternehmensinformation / Kurzprofil:
Datum: 02.08.2011 - 07:15 Uhr
Sprache: Deutsch
News-ID 56889
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contact information:
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